Oh please! If people have a choice between mortgages and food the choice is obvious. If you are so prescient that you foresaw the mortgage crash and the unemployment rates, then congrats. Most folks did not.
Even people that have always done their part are being hit. I am watching small business owners in the construction industry being forced to drastic measures and these are formerly millionaires.
With no end in sight, people don’t know how long to hang on. The Administration couldn’t give a damn about the reality and simply wants to raise taxes and costs. Decisions have to be made and statements like “honor your obligations” means nothing. Focus on your family is a much better phrase.
I am posting my own follow-up.
So, you have one of the most successful restaurants in my city. I spoke to the owner and they will be forced to close their doors if the health care bill passes. This means around 30 people out of work.
If that occurs, they will most likely have to default on small business credit lines which are credit card based. Business lines of credit are often issued as VISA cards with high limits. This enables small businesses to cover their cash flow issues (sometimes your A/R comes faster, sometimes it doesn’t. Sometimes your A/P has to happen before revenue is realized).
They will get wrapped up into this moniker of ‘deadbeat’ but, in fact, the government will have driven them out of business. If folks want to tar and feather the small business owners out there as ‘deadbeats’ go right ahead but keep in mind what we, small business owners, are facing. The climate is not of our doing and the rules are changing under our feet.
Anyont that doesn’t honor their debt should lose everything they have!!!
No, I don’t believe in charity!
Amen. Family first.
parsy